Published: Thu, February 21, 2019
Finance | By Loren Pratt

Elon Musk: 'Bitcoin's Structure is Brilliant' But Not For Tesla

Elon Musk: 'Bitcoin's Structure is Brilliant' But Not For Tesla

Tesla is losing the general counsel hired in the wake of Elon Musk's run-in with USA securities regulators after just two months on the job.

In a podcast interview with investment firm ARK Invest on February 19, Musk talked about his views on the future of his companies and responded specifically to questions about his thoughts on cryptocurrency.

What do you think of Elon Musk's claim that Tesla won't be getting involved with Bitcoin anytime soon?

However, Musk also touched on what he views as the downsides of crypto, saying that "computationally it is quite energy intensive".

According to Musk, he even joined them asked kiddingly "you wanna buy some Bitcoin?", which made his account be suspended for a while.

"It [crypto] bypasses currency controls".

"Bitcoin's structure is brilliant but I don't think it would be a good use of Tesla's resources to get involved in crypto", Tesla founder said. "That's for sure. Without a doubt". "But it's very energy intensive to create the incremental bitcoin at this point", Musk said in the interview.

Hours later in another tweet, Musk, however, clarified that he "meant to say" the company's annualised production rate at the end of 2019 could be around 500,000 vehicles - or a production rate of 10,000 cars per week.

Since Musk is such an innovative and prominent individual in the technology sector, the crypto industry has been eager for a long time for Musk to share his thoughts on Bitcoin and crypto.

However, in October of a year ago Musk made a mysterious tweet about buying Bitcoin, which ramped up speculation in the crypto industry.

According to him, there is an automatic mechanism that suspends people trying to sell Bitcoin on Twitter and he was targeted by it.

Therefore, it is understandable that Musk is largely quiet about crypto.

Meanwhile, Binance CEO Changpeng Zhao (CZ) recently called upon Musk to take the now-famous Lightning Torch - a relay transaction circulating through the Lightning Network since January. Let us know what you think in the comment section below.

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